Backdating insurance

Suppose you bought a policy on 5th August 2013 but end up realizing later; had you purchased the policy two months earlier, you could have got it at better premium rates. You can request your insurer to change the official start date to 4th June 2013.

backdating insurance-87

Let’s look at some advantages of backdating insurance policy.

Backdating provides you the option of paying lower premium by altering the policy start date and selecting the one which gives you better premium rates.

Lawsuits would inevitably skyrocket, clogging our already over-burdened court system.

The only people who would benefit from that would be trial lawyers. Closer to home, consider this: backdating a car insurance policy is insurance fraud.

Let’s look at how backdating affects different aspects of car insurance, health insurance and life insurance.

If you could do this, nobody would ever buy car insurance until after an accident happened.

This common practice in life insurance companies is known as ‘Backdating’.

Backdating means altering the start date of the life insurance policy to a timeline earlier than when the document was originally bought.

As with most insurance policies, a backdated liability insurance policy will still contain a coverage limit.

Tags: , ,